Imperial Oil Says Kearl Sales to Start in Third Quarter

Bloomberg reported that Imperial Oil Ltd, one of Canada’s biggest oil producers, announced that sales from the C$12.9B Kearl oil-sands project will start in the third quarter. The project is expected to produce 110,000 bpd and grow to 345,000 bpd.

As quoted in the report:

Imperial has said Kearl will develop 3.2 billion barrels of crude in Alberta’s oil-sands region. The company, 70 percent owned by Exxon Mobil Corp. (XOM), on Feb. 1 raised its estimate for initial costs because of “harsh weather” and issues delivering heavy equipment to the site, 70 kilometers (45 miles) north of Fort McMurray. Some Montana residents protested the truck traffic through their state.

Click here to read the full Bloomberg report.